Oil Country Tubular Limited — Others, 18-11-2024: Shareholders meeting

Oil Country Tubular Limited has announced a board meeting on December 11, 2024, to discuss significant matters, including the reclassification of the authorized share capital to Rs. 85 crores. This will allow the issuance of up to 1.38 crore Zero Coupon Optionally Convertible Non-Cumulative Preference Shares (OCPS) valued at Rs. 90 crores to United Steel Allied Industries Pvt Ltd, a promoter entity. The conversion of outstanding loans into OCPS aims to strengthen the company's net worth, enabling participation in future tenders. This move may foster a positive outlook among investors, enhancing financial stability and operational capacity.